Increasing demand for reducing labor & material costs and improving production efficiency with the application of automation processes to drive the North American precision farming market through 2024. According to TechSci Research report, “North America Precision Farming Market By Component, By Technology, By Application, By Country, Competition, Forecast & Opportunities, 2024”, the precision farming market in North America is growing at a brisk rate owing to rising demand to reduce production costs and increase productivity.
Important elements of the North America Precision Farming Market
Farmers are rapidly adopting precision farming/agriculture practices so as to gather and analyze the real-time data obtained from the conditions of the crops, soils, and weather. Over the past few years, precision farming has gained popularity as it helps to increase crop yield by using advanced IT-based agricultural methods.
The North America precision agriculture market is anticipated to witness growth at a double-digit CAGR owing to increasing dependency on technology for aiding agriculture business. Moreover, the federal government in the US passed Precision Agriculture Connectivity Act 2018, which is further anticipated to positively influence the market over the coming years.
The North America precision farming market can be segmented based on component, technology, application, and country. Among components, hardware acquired the majority share and the trend is likely to continue in the forthcoming years as well, owing to the high adoption of automation and control devices, such as drones/ UAVs, guidance and steering systems, cameras, DPS/GPSS, and sensors, among others, for the monitoring of crop yields. On the basis of technology, the market can be segmented into guidance system, remote sensing, and variable rate technology (VRT). Owing to the early adoption of the guidance system, the segment is expected to dominate the market as it helps to reduce the overlapping of equipment and tractor passes.
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Major competitors in North America Precision Farming Market
- AG Leader Technology
- AGCO Corporation
- Trimble, Cropmetrics
- SST Development Group
- Dickey-john Corp.
- Agribotix LLC
- Autocopter Corp.
- Deere & Company
- Raven Industries, among others, are the leading player operating in the North America precision farming market. Companies operating in the market are using organic strategies such as product launches, mergers, and collaborations in order to register positive growth in the market. In 2017, Deere and Company entered into a distribution channel agreement with the Agri-Trend Group of Companies. Under this strategic agreement, the company will help farmers to implement new technologies using Agri-Trend’s knowledge.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“North America Precision Farming Market By Component, By Technology, By Application, By Country, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the North America precision farming market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the North America precision farming market.
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